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When is a financial institution not a financial institution? When it's Wirecard

Wirecard has skirted regulatory scrutiny by jurisdiction-shopping and canny intra-group structuring

Wirecard is regulated in certain jurisdictions for payments services or payments schemes; in yet others, it did not come under government supervision.

IT WOULD have been the quintessential business success story. Founded in Munich in 1999, this small payment processor for online gambling and pornography sites grew so massive that, by 2018, it had displaced Commerzbank from Germany's prestigious Dax 30 index.

At its peak, the juggernaut...

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